1Banking (Foreign Exchange) Regulations 1959 - Revocation of Variation of Exemption and Variation of Exemption (subregulation 6(1)) (17/10/2001)

BANKING (FOREIGN EXCHANGE) REGULATIONS

REVOCATION OF VARIATION OF EXEMPTION AND
VARIATION OF EXEMPTION

The Reserve Bank of Australia pursuant to sub‑regulation 38(2) of the Banking (Foreign Exchange) Regulations hereby revokes the Variation of Exemption dated 22 December 1995 in the form published in the Commonwealth of Australia Gazette No. GN 1, 10 January 1996, relating to sub-regulation 6(1) of the Regulations.

The Reserve Bank of Australia pursuant to sub‑regulation 38(2) of the Banking (Foreign Exchange) Regulations hereby varies the Exemption dated 29 June 1990 relating to sub‑regulation 6(1) of the Regulations so that the Exemption does not apply to the taking or sending out of Australia by a person of any Australian currency derived or generated from property, securities or funds owned or controlled directly or indirectly by, or otherwise relating to payments by or on behalf of:

(i) the Embassy of the Federal Republic of Yugoslavia; or

(ii) the Consulate‑General of the Federal Republic of Yugoslavia; or

(iii) Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie)

and which exceeds a value of A$100,000.

All such transactions require the specific prior approval of the Reserve Bank of Australia. Please refer applications for approval to the Manager, Market Analysis, International Department of the Reserve Bank in Sydney.

The revocation and variation contained in this instrument respectively come into operation on 17 October 2001.

Dated at Sydney this seventeenth day of October 2001.

For and on behalf of the Reserve Bank of Australia,

STEPHEN GRENVILLE

Deputy Governor